Wednesday, September 28, 2011

Fed President: The Fed is Under Attack by Ron Paul

The Fed is feeling the heat.

Federal Reserve Bank of Dallas President Richard Fisher said the central bank’s independence is under attack from both ends of the political spectrum in Congress.

“We are being attacked from the right and from the left, and I don’t see much difference between a certain congressman from Texas named Ron Paul and a certain congressman from Massachusetts named Barney Frank,” Fisher said in response to audience questions after a speech in Dallas yesterday, reports Bloomberg.

It's difficult to see how Barney Frank is a threat to the Fed, but he is right on about Ron Paul. Fisher mischarecterizes the heat a bit though when he states that Ron Paul is attacking "the central bank’s independence." This implies that the attack is about getting control of the money making dashboard of the Fed to control when the Fed prints and for whose benefit. What Ron Paul really wants to do is shutdown the Fed's money printing apparatus so that there is no one to influence.

And they continue to ignore Ron Paul in the media.. They don't realize that Dr. Paul is literally the driver of the national debates, as much as they want to ignore the man in the media. I'm wondering when it will become absolutely impossible for the media to ignore him.

"At a press conference when he arrived in that country, some smart German reporter asked Burns how he could have connived at the monetary depreciation that had wreacked such havoc, since surely, as an economist, he knew better.

Burns answered, the Fed chairman has to do what the president wants, or "the central bank would lose its independence." He meant, of course, its ability to live high on the hog, and reward its constituents in banking and Wall Street."

Not to quibble but....wouldn't it be more accurate and better to say that the ideas that RP is, and has been, propounding are what's driving national debate, (at least among the clearer thinkers anyway), rather than reducing it down to the "cult of personality" so to speak?

“As the global arrogance (forces of imperialism) have a (military) presence near our sea borders, we also plan to have a strong presence near the U.S. sea borders with the help of the soldiers who are loyal to the Vali-e Faqih,” said Rear Admiral Habibollah Sayyari

Now watch everyone say they're here because they're jealous of our "freedom". No no, friends, all of this is blowback of a horrible foreign policy of imperialism.